{"id":12384,"date":"2020-08-21T17:27:23","date_gmt":"2020-08-21T11:57:23","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=12384"},"modified":"2021-03-20T17:52:02","modified_gmt":"2021-03-20T12:22:02","slug":"form-msme-1-a-guide-on-due-dates-and-filing-procedure","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/","title":{"rendered":"Form MSME-1: A Guide on Due Dates and Filing Procedure"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The term \u201c<strong><em>Form MSME-1<\/em><\/strong>\u201d denotes a <strong><em>Half-yearly\nReturn <\/em><\/strong>under which a <strong><em>registered MSME<\/em><\/strong> needs to make\ncertain <strong><em>disclosures <\/em><\/strong>regarding its <strong><em>vendor <\/em><\/strong>to the <strong><em>ROC<\/em> <\/strong>(Registrar of\nCompanies). Further, all the <strong><em>companies<\/em><\/strong> which are <strong><em>receiving\ngoods<\/em><\/strong> and <strong><em>services<\/em><\/strong> from <strong><em>MSMEs<\/em><\/strong> need to <strong><em>file this form<\/em><\/strong> with the <strong><em>MCA<\/em><\/strong>\n(Ministry of Corporate Affairs) as well.<\/p>\n\n\n\n<p>In the year <strong><em>2019<\/em><\/strong>, the <strong><em>MCA<\/em><\/strong> decided to make some\namendments in <strong><em>Schedule III<\/em><\/strong> of the <strong><em>Companies Act 2013<\/em><\/strong>. <\/p>\n\n\n\n<p>Further, these amendments were introduced on <strong><em>22.01.2019<\/em><\/strong>,\nby way of the <strong><em>Companies (Furnishing of Information about Payment to Micro and Small\nEnterprise Suppliers) Order 2019<\/em><\/strong>. <\/p>\n\n\n\n<p>In this blog, we will discuss the concept of <strong><em>Form MSME-1<\/em><\/strong>, together with its <strong><em>Due Dates<\/em><\/strong> and <strong><em>Filing Procedure<\/em><\/strong>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2fa6ccae732\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2fa6ccae732\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Concept_of_MSME\" title=\"Concept of MSME\">Concept of MSME<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Micro-Enterprise\" title=\"Micro-Enterprise\">Micro-Enterprise<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Small-Enterprises\" title=\"Small-Enterprises \">Small-Enterprises <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Medium_Enterprises\" title=\"Medium Enterprises\">Medium Enterprises<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Applicability_of_Form_MSME-1\" title=\"Applicability of Form MSME-1\">Applicability of Form MSME-1<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Condition_1\" title=\"Condition 1\">Condition 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Condition_2\" title=\"Condition 2\">Condition 2<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Definitions\" title=\"Definitions \">Definitions <\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Date_of_Acceptance\" title=\"Date of Acceptance\">Date of Acceptance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Date_of_Deemed_Acceptance\" title=\"Date of Deemed Acceptance\">Date of Deemed Acceptance<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Exemption_from_Filing_the_Form\" title=\"Exemption from Filing the Form\">Exemption from Filing the Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Objective_of_MSME_Form_1\" title=\"Objective of MSME Form 1\">Objective of MSME Form 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Due_Dates_of_Filing_MSME_Form_1\" title=\"Due Dates of Filing MSME Form 1\">Due Dates of Filing MSME Form 1<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#For_Initial_Return\" title=\"For Initial Return\">For Initial Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#For_Half_Yearly_Return\" title=\"For Half Yearly Return\">For Half Yearly Return<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Details_to_be_Furnished_in_Form_MSME-1\" title=\"Details to be Furnished in Form MSME-1\">Details to be Furnished in Form MSME-1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Authorised_Signatories_of_MSME_1\" title=\"Authorised Signatories of MSME 1\">Authorised Signatories of MSME 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Procedure_for_Filing_Form_MSME-1\" title=\"Procedure for Filing Form MSME-1\">Procedure for Filing Form MSME-1<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Download_E-Form\" title=\"Download E-Form\">Download E-Form<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Fill_Company_Details\" title=\"Fill Company Details\">Fill Company Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Enter_Basic_Details\" title=\"Enter Basic Details\">Enter Basic Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Details_for_Initial_Return\" title=\"Details for Initial Return\">Details for Initial Return<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Details_for_Half-yearly_Return\" title=\"Details for Half-yearly Return\">Details for Half-yearly Return<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Amount_Outstanding_From_April_to_September\" title=\"Amount\nOutstanding From April to September\">Amount\nOutstanding From April to September<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Amount_Outstanding_From_October_to_March\" title=\"Amount\nOutstanding From October to March\">Amount\nOutstanding From October to March<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Reasons_for_the_Delay\" title=\"Reasons for the Delay\">Reasons for the Delay<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Any_Other_Attachment\" title=\"Any Other Attachment\">Any Other Attachment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Declaration\" title=\"Declaration\">Declaration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Submit\" title=\"Submit\">Submit<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Penalties_for_Non-Filing_of_Form_MSME-1\" title=\"Penalties for Non-Filing of Form MSME-1\">Penalties for Non-Filing of Form MSME-1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/swaritadvisors.com\/learning\/form-msme-1-a-guide-on-due-dates-and-filing-procedure\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_MSME\"><\/span>Concept of MSME<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term \u201c<strong><em>MSME<\/em><\/strong>\u201d denotes all the <strong><em>companies<\/em><\/strong>\nthat are registered under the <strong><em>MSMED Act 2006<\/em><\/strong>. Further, the term \u201c<strong><em>Companies<\/em><\/strong>\u201d\nincludes <strong><em>Sole Proprietorship<\/em><\/strong>, <strong><em>HUF<\/em><\/strong> (Hindu Undivided Family), <strong><em>Partnership\nFirm<\/em><\/strong>, <strong><em>Co-operative Society<\/em><\/strong>, and <strong><em>Limited Company<\/em><\/strong>, etc.<\/p>\n\n\n\n<p>Earlier, the <strong><em>MSME sector<\/em><\/strong> was bifurcated in <strong><em>2\nparts<\/em><\/strong>, i.e., <strong><em>Manufacturing Sector<\/em><\/strong> and <strong><em>Service\nSector<\/em><\/strong>. However, after the <strong><em>announcement<\/em><\/strong> of amendment in the <strong><em>MSMED\nAct 2006<\/em><\/strong> made by our <strong><em>Finance Minister<\/em><\/strong> on <strong><em>13.05.2020<\/em><\/strong>,\nthe distinction between both the sectors has been <strong><em>eliminated<\/em><\/strong>.<\/p>\n\n\n\n<p>Further, in the <strong><em>same meeting<\/em><\/strong>, it was declared that\nthere will be a <strong><em>revision<\/em><\/strong> in the <strong><em>Investment Limits<\/em><\/strong>, and a <strong><em>new\nconcept<\/em><\/strong> known as <strong><em>Turnover Criteria<\/em><\/strong> will be\nintroduced.<\/p>\n\n\n\n<p><em>As per <\/em><strong><em>section 7<\/em><\/strong><em> of the MSMED Act 2006, the <\/em><strong><em>new limits<\/em><\/strong><em> are as follows:<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Micro-Enterprise\"><\/span>Micro-Enterprise<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>Type of Sector<\/strong>\n  <\/td><td>\n  <strong>Type of Investment<\/strong>\n  <\/td><td>\n  <strong>Investment Limit<\/strong>\n  <\/td><td>\n  <strong>Turnover Limit<\/strong>\n  <\/td><\/tr><tr><td>\n  Manufacturing and Service Sector.\n  <\/td><td>\n  In Plant and Machinery. \n  <\/td><td>\n  Less than Rs. 1 Crore\n  <\/td><td>\n  Less than Rs. 5 Crore\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Small-Enterprises\"><\/span>Small-Enterprises <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Types of Sector <\/strong>   <\/td><td><strong>Type of Investment <\/strong>   <\/td><td><strong>Investment Limit<\/strong>   <\/td><td><strong>Turnover Limit<\/strong>   <\/td><\/tr><tr><td>Manufacturing and Service Sector.   <\/td><td>In Plant and Machinery.    <\/td><td>\n  Rs. 1 Crore to Rs. 10 Crore.\n  <\/td><td>Rs. 5 Crore to Rs. 50 Crore   <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Medium_Enterprises\"><\/span>Medium Enterprises<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td><strong>Types of Sector<\/strong>   <\/td><td><strong>Type of Investment<\/strong>   <\/td><td><strong>Investment Amount<\/strong>   <\/td><td><strong>Turnover Amount<\/strong>   <\/td><\/tr><tr><td>Manufacturing and Service Sector.   <\/td><td>In Plant and Machinery.    <\/td><td>Rs. 10 Crore to Rs. 20 Crore   <\/td><td>Rs. 50 Crore to Rs. 100 Crore   <\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>Therefore, all the companies falling under the <strong><em>criteria mentioned above<\/em><\/strong> will are eligible to obtain <strong><em><a href=\"https:\/\/swaritadvisors.com\/msme-registration\" class=\"text-primary\">MSME Registration<\/a><\/em><\/strong> in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Applicability_of_Form_MSME-1\"><\/span>Applicability of Form MSME-1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"341\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Applicability-of-Form-MSME-1-1024x341.png\" alt=\"Applicability of Form MSME-1\" class=\"wp-image-12400\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Applicability-of-Form-MSME-1-1024x341.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Applicability-of-Form-MSME-1-300x100.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Applicability-of-Form-MSME-1-768x256.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Applicability-of-Form-MSME-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>All the Companies specified in the <strong><em>guidelines<\/em><\/strong>\nissued by the <strong><em>MCA<\/em><\/strong> (Ministry of Corporate Affairs) need to <strong><em>file\nForm MSME-1<\/em><\/strong>. Further, the term \u201c<strong><em>specified<\/em><\/strong>\u201d includes the companies\nsatisfying the conditions as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Condition_1\"><\/span>Condition 1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>All the <strong><em>companies<\/em><\/strong> who are <strong><em>receiving\ngoods or services<\/em><\/strong> from the MSMEs (Micro Small and Medium Enterprises)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Condition_2\"><\/span>Condition 2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>All the <strong><em>MSMEs<\/em><\/strong> (Micro Small and Medium\nEnterprises), which are supplying goods and services to the companies need to <strong><em>file\nthis return<\/em><\/strong> with the <strong><em>ROC<\/em><\/strong> (Registrar of Companies). <\/p>\n\n\n\n<p>However, such MSMEs must have <strong><em>remained unpaid <\/em><\/strong>for <strong><em>more\nthan 45 days<\/em><\/strong>, starting from the <strong><em>date of deemed to be acceptance<\/em><\/strong> or <strong><em>acceptance<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Definitions\"><\/span>Definitions <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The meaning of two terms \u201c<strong><em>Date of Acceptance<\/em><\/strong>\u201d and \u201c<strong><em>Date\nof Deemed Acceptance<\/em><\/strong>\u201d are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Date_of_Acceptance\"><\/span>Date of Acceptance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><em>Date of Acceptance<\/em><\/strong>\u201d denotes two\nmeanings that are as follows:<\/p>\n\n\n\n<ul><li>The day of <strong><em>actual delivery<\/em><\/strong> or <strong><em>rendering<\/em><\/strong> of goods or services;<\/li><li>In case an objection is raised by the buyer concerning the acceptance of goods and services\u00a0<strong><em>within 15 days<\/em><\/strong>, starting from the date of delivery or rendering of goods or services, then the day on which the supplier removes such an objection will be the Date of Acceptance.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Date_of_Deemed_Acceptance\"><\/span>Date of Deemed Acceptance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The term \u201c<strong><em>Date of Deemed Acceptance<\/em><\/strong>\u201d denotes\nthe day of actual delivery or rendering of goods or services, where <strong><em>no\nobjection<\/em><\/strong> has been raised by the buyer concerning the acceptance of\ngoods and services <strong><em>within 15 days<\/em><\/strong>, starting from the date of delivery or rendering\nof goods or services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Exemption_from_Filing_the_Form\"><\/span>Exemption from Filing the Form<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The companies <strong><em>exempted<\/em><\/strong> from <strong><em>filing the Form MSME-1<\/em><\/strong>\nare as follows:<\/p>\n\n\n\n<ul><li>The provisions regarding this form will <strong><em>not apply<\/em><\/strong> to the companies who <strong><em>do not satisfy<\/em><\/strong> the <strong><em>eligibility criteria<\/em><\/strong> to fill MSME-1;<\/li><li>In case the payment against the supplier <strong><em>exceeds the period of 45 days<\/em><\/strong>, but the said supplier or creditor <strong><em>submits a declaration<\/em><\/strong> that they <strong><em>do not fall<\/em><\/strong> under the <strong><em>criteria<\/em><\/strong> of\u00a0 <strong><em>MSMEs<\/em><\/strong> (Micro Small and Medium Enterprises);<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Objective_of_MSME_Form_1\"><\/span>Objective of MSME Form 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>main reason<\/em><\/strong> for the implementation of <strong><em>MSME Form 1<\/em><\/strong> was to <strong><em>assist the MSMEs,<\/em><\/strong> which have been remained <strong><em>unpaid by the large ventures<\/em><\/strong>. Earlier, there were <strong><em>many companies<\/em><\/strong> that used to <strong><em>acquire goods <\/em><\/strong>and <strong><em>services<\/em><\/strong> from the <strong><em>MSME sector<\/em><\/strong> but <strong><em>tend to delay<\/em><\/strong> in <strong><em>making payment<\/em><\/strong>, which in result, made <strong><em>MSMEs suffer massive losses<\/em><\/strong>.<\/p>\n\n\n\n<p>Moreover, by way of this form, the companies now <strong><em>need\nto disclose<\/em><\/strong> the <strong><em>amount due<\/em><\/strong> from their side, together\nwith the <strong><em>reason for the delay<\/em><\/strong>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Due_Dates_of_Filing_MSME_Form_1\"><\/span>Due Dates of Filing MSME Form 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Due-Dates-of-Filing-MSME-Form-1-1024x768.png\" alt=\"Due Dates of Filing MSME Form 1\" class=\"wp-image-12401\" width=\"485\" height=\"364\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Due-Dates-of-Filing-MSME-Form-1-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Due-Dates-of-Filing-MSME-Form-1-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Due-Dates-of-Filing-MSME-Form-1-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Due-Dates-of-Filing-MSME-Form-1.png 1200w\" sizes=\"(max-width: 485px) 100vw, 485px\" \/><\/figure><\/div>\n\n\n\n<p>The <strong><em>Due Dates for filing Form MSME-1 <\/em><\/strong>are\nas follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"For_Initial_Return\"><\/span>For Initial Return<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As per the notification issued by the  Government, every specified company having an\noutstanding payment to MSMEs, need to <strong><em>file a return<\/em><\/strong> in Form MSME-1, <strong><em>within\n30 days<\/em><\/strong> from the <strong><em>date of publication<\/em><\/strong> of the <strong><em>official\nnotification<\/em><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"For_Half_Yearly_Return\"><\/span>For Half Yearly Return<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The due dates for filing <strong><em>MSME-1 as Half-yearly Return<\/em><\/strong>\nare s follows:<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>S No.<\/strong>\n  <\/td><td>\n  <strong>Filing Period<\/strong>\n  <\/td><td>\n  <strong>Date for filing<\/strong>\n  <\/td><\/tr><tr><td>\n  1.\n  <\/td><td>\n  For April to September\n  <\/td><td>\n  31<sup>st<\/sup>&nbsp;October\n  <\/td><\/tr><tr><td>\n  2.\n  <\/td><td>\n  For October to March\n  <\/td><td>\n  30<sup>th<\/sup>&nbsp;April\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Details_to_be_Furnished_in_Form_MSME-1\"><\/span>Details to be Furnished in Form MSME-1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <strong><em>details<\/em><\/strong> to be furnished in <strong><em>MSME\nForm 1<\/em><\/strong> are as follows:<\/p>\n\n\n\n<ul><li>Name of the Supplier;<\/li><li>PAN Card details of the Supplier;<\/li><li>Outstanding Amount against the Supplies of Goods and Services;<\/li><li>Date from which the Amount is Outstanding;<\/li><li>Reasons for Delay in Making Payment of the Amount Due;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Authorised_Signatories_of_MSME_1\"><\/span>Authorised Signatories of MSME 1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/The-authorised-signatories-of-MSME-1-are-as-follows-1-1024x768.png\" alt=\"Authorised Signatories of MSME 1\" class=\"wp-image-12407\" width=\"431\" height=\"323\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/The-authorised-signatories-of-MSME-1-are-as-follows-1-1024x768.png 1024w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/The-authorised-signatories-of-MSME-1-are-as-follows-1-300x225.png 300w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/The-authorised-signatories-of-MSME-1-are-as-follows-1-768x576.png 768w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/The-authorised-signatories-of-MSME-1-are-as-follows-1.png 1200w\" sizes=\"(max-width: 431px) 100vw, 431px\" \/><\/figure><\/div>\n\n\n\n<p><em>The <\/em><strong><em>authorised signatories <\/em><\/strong><em>of <\/em><strong><em>MSME 1<\/em><\/strong><em> are as follows:<\/em><\/p>\n\n\n\n<ul><li>Managing Director;<\/li><li>Manager;<\/li><li>Practicing Company Secretary;<\/li><li>CEO (Chief Executive Officer); or <\/li><li>CFO (Chief Financial Officer);<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Procedure_for_Filing_Form_MSME-1\"><\/span>Procedure for Filing Form MSME-1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Procedure-for-Filing-Form-MSME-1-1-1024x1024.png\" alt=\"Procedure for Filing Form MSME-1\" class=\"wp-image-12402\" width=\"443\" height=\"441\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Procedure-for-Filing-Form-MSME-1-1-150x150.png 150w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/Procedure-for-Filing-Form-MSME-1-1-300x300.png 300w\" sizes=\"(max-width: 443px) 100vw, 443px\" \/><\/figure><\/div>\n\n\n\n<p><em>The steps included in the procedure for filing MSME 1 are as follows:<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Download_E-Form\"><\/span>Download E-Form<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In the first step, the applicant needs to download\nthe E-form and select whether he\/she is filing an <strong><em>Initial Return<\/em><\/strong> or <strong><em>Half-Yearly\nReturn<\/em><\/strong>.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"610\" height=\"201\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_96.png\" alt=\"Download E-Form\" class=\"wp-image-12386\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_96.png 610w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_96-300x99.png 300w\" sizes=\"(max-width: 610px) 100vw, 610px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fill_Company_Details\"><\/span>Fill Company Details<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Now, the applicant needs to enter company details,\nsuch as the following:<\/p>\n\n\n\n<ul><li>CIN (<strong><em>Corporate Identity Number<\/em><\/strong>);<\/li><li>Global Location Number;<\/li><li>PAN Card Number of the Company;<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"609\" height=\"86\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_11screenshot_96.png\" alt=\"Fill Company Details\" class=\"wp-image-12387\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_11screenshot_96.png 609w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_11screenshot_96-300x42.png 300w\" sizes=\"(max-width: 609px) 100vw, 609px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Enter_Basic_Details\"><\/span>Enter Basic Details<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In this step, the applicant requires to enter basic\ndetails, such as the following:<\/p>\n\n\n\n<ul><li>Name of the Company;<\/li><li>Address of the Registered Office; and <\/li><li>Email ID of the Company<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"613\" height=\"135\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/image-1.png\" alt=\"Enter Basic Details\" class=\"wp-image-12391\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/image-1.png 613w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/image-1-300x66.png 300w\" sizes=\"(max-width: 613px) 100vw, 613px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Details_for_Initial_Return\"><\/span>Details for Initial Return<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In this step, the applicant needs to enter details\nof the amount due to the MSMEs, such as the following:<\/p>\n\n\n\n<ul><li>Total Amount Outstanding as on the Date of Notification;<\/li><li>Details of the Financial Year (\u201c<strong><em>From<\/em><\/strong>\u201d and \u201c<strong><em>To<\/em><\/strong>\u201d);<\/li><li>Name of Suppliers;<\/li><li>PAN Card details of Suppliers;<\/li><li>Amount Outstanding;<\/li><li>Specific Date from Which the Amount is Outstanding;<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"607\" height=\"199\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_98.png\" alt=\"Details for Initial Return\" class=\"wp-image-12392\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_98.png 607w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_98-300x98.png 300w\" sizes=\"(max-width: 607px) 100vw, 607px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Details_for_Half-yearly_Return\"><\/span>Details for Half-yearly Return<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This return is also known as \u201c<strong><em>Regular Return<\/em><\/strong>\u201d. Further,\nthe details required for this section are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Amount_Outstanding_From_April_to_September\"><\/span>Amount\nOutstanding From April to September<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul><li>Details of the Financial Year (\u201c<strong><em>From<\/em><\/strong>\u201d and \u201c<strong><em>To<\/em><\/strong>\u201d);<\/li><li>Name of Suppliers;<\/li><li>PAN Card details of Suppliers;<\/li><li>Amount Outstanding;<\/li><li>Specific Date from Which the Amount is Outstanding;<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"495\" height=\"165\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_99.png\" alt=\"Amount Outstanding From April to September\" class=\"wp-image-12393\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_99.png 495w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_99-300x100.png 300w\" sizes=\"(max-width: 495px) 100vw, 495px\" \/><\/figure><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Amount_Outstanding_From_October_to_March\"><\/span>Amount\nOutstanding From October to March<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul><li>Details of the Financial Year (\u201c<strong><em>From<\/em><\/strong>\u201d and \u201c<strong><em>To<\/em><\/strong>\u201d);<\/li><li>Name of Suppliers;<\/li><li>PAN Card details of Suppliers;<\/li><li>Amount Outstanding;<\/li><li>Specific Date from Which the Amount is Outstanding;<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"501\" height=\"139\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_99.png\" alt=\"Amount Outstanding From October to March\" class=\"wp-image-12394\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_99.png 501w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_99-300x83.png 300w\" sizes=\"(max-width: 501px) 100vw, 501px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reasons_for_the_Delay\"><\/span>Reasons for the Delay<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In this section, the applicant needs to specify the\nreason behind the delay caused in making payment outstanding.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"605\" height=\"88\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_100.png\" alt=\"Reasons for the Delay\" class=\"wp-image-12395\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_100.png 605w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_100-300x44.png 300w\" sizes=\"(max-width: 605px) 100vw, 605px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Any_Other_Attachment\"><\/span>Any Other Attachment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In case the applicant has any other particular which\nhe\/she wants to get validated, then they need to attach the said particulars in\nthis part of the form.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"593\" height=\"170\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_101.png\" alt=\"Any Other Attachment\" class=\"wp-image-12396\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_101.png 593w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_101-300x86.png 300w\" sizes=\"(max-width: 593px) 100vw, 593px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Declaration\"><\/span>Declaration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Now, this section requires the applicant to accept\nthat all the information and details given in the form of attachments are true\nand correct with the best of his\/her knowledge. The details asked in this\nsection are as follows:<\/p>\n\n\n\n<ul><li>Name of the Person Signing Digitally;<\/li><li>Designation;<\/li><li>DIN (Director Identification Number) of director\/ PAN (Permanent Account Number) of the Manager of CEO\/ PAN of the CEO\/ or Membership Number of the Practising Company Secretary.<\/li><\/ul>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"557\" height=\"234\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_103.png\" alt=\"Declaration\" class=\"wp-image-12397\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_103.png 557w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_screenshot_103-300x126.png 300w\" sizes=\"(max-width: 557px) 100vw, 557px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Submit\"><\/span>Submit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Lastly, the applicant will have <strong><em>4 option<\/em><\/strong>s available,\ni.e., Modify\/ Pre scrutiny\/ Check Form\/ and Submit. If the said applicant is <strong><em>well\nsatisfied<\/em><\/strong> will all the <strong><em>details filed<\/em><\/strong>, then he\/she just needs\nto click on the option \u201c<strong><em>Submit<\/em><\/strong>\u201d.&nbsp; <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_103.png\" alt=\"Submit\" class=\"wp-image-12398\" width=\"636\" height=\"73\" srcset=\"https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_103.png 558w, https:\/\/swaritadvisors.com\/learning\/wp-content\/uploads\/2020\/08\/rsz_1screenshot_103-300x34.png 300w\" sizes=\"(max-width: 636px) 100vw, 636px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalties_for_Non-Filing_of_Form_MSME-1\"><\/span>Penalties for Non-Filing of Form MSME-1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In case a company fails to file <strong><em>Form MSME-1<\/em><\/strong> within <strong><em>30\ndays<\/em><\/strong> or intentionally furnishes any information which is <strong><em>incomplete\n<\/em><\/strong>or <strong><em>incorrect<\/em><\/strong> in any <strong><em>material aspect<\/em><\/strong>, then the said\ncompany will be held <strong><em>liable<\/em><\/strong> to a <strong><em>fine up to Rs 25000<\/em><\/strong>. <\/p>\n\n\n\n<p>Moreover, <strong><em>every officer<\/em><\/strong> of such <strong><em>defaulter\ncompany<\/em><\/strong> will <strong><em>either <\/em><\/strong>liable to <strong><em>imprisonment<\/em><\/strong>\nfor a term up to <strong><em>6 months<\/em><\/strong> or with a <strong><em>fine<\/em><\/strong> of a <strong><em>minimum Rs 25000<\/em><\/strong> and a <strong><em>maximum\nRs 300000<\/em><\/strong>, or both.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In India, the introduction of <strong><em>Form MSME-1<\/em><\/strong> is another robust initiative started by the government. In this initiative, the government has prescribed mandatory filing of a return twice a year by the corporate clients, which, in result, will <strong><em>strengthen<\/em><\/strong> and <strong><em>boost<\/em><\/strong> the MSME sector.<\/p>\n\n\n\n<p>Further, these <strong>corporate clients<\/strong> need to first determine whether their suppliers are registered under the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Micro,_Small_and_Medium_Enterprises_Development_Act,_2006\">MSMED Act 2006<\/a> or not. In case they are registered, and the payments are outstanding for more than 45 days, starting from the date of acceptance of the goods or services, then the enterprise will need to compulsorily <strong>file Form MSME-1<\/strong>.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/udyog-aadhar-registration-fees-and-procedure\/\">Udyog Aadhar Registration Fees and Process: A Complete Guide<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The term \u201cForm MSME-1\u201d denotes a Half-yearly Return under which a registered MSME needs to make certain disclosures regarding its vendor to the ROC (Registrar of Companies). Further, all the companies which are receiving goods and services from MSMEs need to file this form with the MCA (Ministry of Corporate Affairs) as well. In the [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":12404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[694,141],"tags":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12384"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=12384"}],"version-history":[{"count":9,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12384\/revisions"}],"predecessor-version":[{"id":18252,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/12384\/revisions\/18252"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/12404"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=12384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=12384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=12384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}